ZRX Token Price Analysis: Zrx Ready To Fall Back After A 70% Jump in Two Weeks
- ZRX token is trading at $2.13, with an intraday growth of +7.42%.
- The coin is trading above 20,50,100 and 200 EMA in the weekly as well as the daily timeframe
- The ZRX/BTC pair is trading at 0.00003777 BTC with an intraday up move of 8.54%.
ZRX token price action, in the weekly technical chart, has been trading under a consolidation range. The coin price grew 70% in the last two weeks resulting in the price reaching the top of the consolidation range.
In the daily timeframe, the long wicks indicate the price to fall back again inside the range. The market capitalization of the coin is $1,662,550,974.
According to the market cap, ZRX ranks at #80. Traders can go short based on declining daily volume and loss of uptrend momentum along with the long wicks formation.
ZRX’s journey to $1.22 starts
ZRX token, in the daily time frame, has formed a long wicked candlestick reversing from the top of the consolidation range. The pullback is expected to hit the support level of the consolidation before the bulls take over again.
According to the price action, ZRX’s consolidation range has a resistance level at $2.14 and a support level at $1.22. Also, in the daily time frame, the ZRX coin has seen declining volume bars indicating the reversal of coin price.
EMA (20,50,100,200)- ZRX is trading above all the major EMAs in the daily timeframe. 100 EMA(GREEN) or 200 EMA (YELLOW) might provide support in the upcoming pullback. Also, in the weekly timeframe, the coin price is trading above 20 EMA.
Relative Strength Index (BULLISH) indicates reversal while trading at 60.36 with an increasing slope. However, ZRX can observe a sharp fall in the upcoming trading session if the pullback starts soon.
ADX (LOW) indicates the loss of trend momentum in the daily timeframe while trading at 21. The slope of the ADX is moving sideways.
Conclusion – The long wicks with losing uptrend momentum indicate the price reversal in the daily timeframe. However, investors prepping up to buy the dip must be alert that a fallout of the consolidation range might result in further downside movement.
Support – $1.22
Resistance – $2.14
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